FHFA Home Prices Slow

Home prices slowed in March based on the FHFA house price index which rose only 0.1 percent for the lowest result in more than three years. And after two months above 7 percent, the year-on-year rate fell 7 tenths to 7.4 percent. An offset to March's weakness is unusual strength in February which is revised 2 tenths higher to an 0.8 percent monthly gain and revised 2 tenths higher for the yearly rate to 7.4 percent.

The mountain region at 9.4 percent and the pacific region at 8.7 percent lead the data with New England, at 4.7 percent, bringing up the rear. Despite the slowing in today's report, home prices continue to show strong appreciation. Watch next week for Case-Shiller data.